Selkirk Copper aims to restart former Minto copper-gold-silver mine
Venerable Ventures Ltd. [VLVH-TSXV] (a company doing business as Selkirk Copper Mines), said it has completed the acquisition of a 100% interest in the Minto copper-gold-silver mine in the Canadian Yukon.
The transaction was completed by a three-cornered amalgamation, in which Selkirk incorporated a wholly owned subsidiary that amalgamated with a Selkirk First Nation affiliate that in turn owns the entity that controls the project. (Selkirk First Nation, based in Pelly Crossing, a community in central Yukon, holds a controlling equity stake in Selkirk Copper).
Selkirk Copper controls 26,850 hectares of prospective mineral claims located in the Minto-Carmacks copper belt as well as significant open-pit and underground infrastructure, a 4,100 tonne per day processing plant, 400-person camp, water treatment facilities, numerous ancillary buildings and mobile equipment centred on the former Minto mine.
“Finalizing the acquisition of the former Minto copper-gold-silver mine and launching Selkirk Copper Mines, with the Selkirk First Nation as a controlling shareholder and partner in development, is a significant milestone,’’ said Selkirk President and CEO Colin Joudrie. “I would like to recognize and thank the Selkirk First Nation for their leadership and commitment to pursuing an environmentally sustainable and responsible restart of the copper-gold-silver mining at the former Minto site,’’ he said. “Successful completion of $44.5 million sub-receipt [subscription receipt] offerings set the company up well to proceed with our plans to complete a 50,000-metre drill program, trade-off studies, a feasibility study, updated mine plans, and updated permitting at the former Minto copper-gold-silver mine in support of a potential restart decision in early 2027.’’
SelkirkCo, a company owned by the Selkirk First Nation, has been issued 27.4 million shares of the company at a deemed price of 56 cents per share and warrants to purchase 1.56 million common shares at an exercise price of 56 cents per share, exercisable until October 29, 2028.
Following the transaction, the company’s common shares, which were previously halted, are expected to resume trading on the TSX Venture Exchange under the new ticker symbol SCMI on November 4, 2025.
Due to the labour dispute between the British Columbia General Employees’ Union and the Government of British Columbia, BC Registries, the government body responsible for registrations of business, was temporarily closed. Following the end of the Job Action, it has not returned to normal operation. As a result of the job action, the company will be unable to change its name from Venerable Ventures to Selkirk Copper Mines at this time. However, the company expects to complete the name change on the cessation of the effects of the Job Action on BC Registries.
In connection with the transaction, the company and a unit of SelkirkCo completed financings pursuant to which a total of 79.26 subscription receipts and 1.78 million common shares were issued for aggregate proceeds of $44.5 million. Each subscription receipt has been converted into one common share of the company.
On Thursday, Venerable Ventures shares were unchanged at 18 cents. The shares trade in a 52-week range of 23 cents and 15 cents.